Maase holder cuts stake, now owns 64.4M Class A shares

WJ Management Company Limited, wholly owned by Dejun Yu, reports an updated ownership position in Maase Inc. following a significant share disposal.

Rhea-AI Filing Summary

WJ Management Company Limited, wholly owned by Dejun Yu, reports an updated ownership position in Maase Inc. following a significant share disposal. On August 5, 2026, WJ Management Company Limited disposed of 18,609,988 Class A Ordinary Shares of Maase Inc. in a privately negotiated transaction for total consideration of US$111,659,928.

After this transaction, the reporting persons beneficially own 64,439,951 Class A Ordinary Shares, representing 14.57% of Maase Inc.’s 442,175,578 outstanding ordinary shares (excluding treasury shares) and 5.85% of the voting power. Each Class A share carries one vote and each Class B share carries one hundred votes.

Filing Explained

The amendment confirms that WJ Management Company Limited directly holds 64,439,951 Class A shares with sole power to vote and dispose of them; Dejun Yu beneficially owns those shares through his wholly owned company, with no other person disclosed as entitled to dividends or sale proceeds except under the referenced agreement.

Key Figures

Shares disposed: 18,609,988 Class A Ordinary Shares Sale consideration: US$111,659,928 Shares beneficially owned: 64,439,951 Class A Ordinary Shares +5 more

8 metrics

Shares disposed 18,609,988 Class A Ordinary Shares Disposed by WJ Management Company Limited on August 5, 2026 in a privately negotiated transaction

Sale consideration US$111,659,928 Total consideration for disposal of 18,609,988 Class A Ordinary Shares on August 5, 2026

Shares beneficially owned 64,439,951 Class A Ordinary Shares Ordinary shares of Maase Inc. beneficially owned by the reporting persons after the transaction

Ownership percentage 14.57% Percentage of Maase Inc.’s 442,175,578 outstanding ordinary shares beneficially owned by the reporting persons

Voting power 5.85% Voting power in Maase Inc. corresponding to the reporting persons’ holdings

Total ordinary shares outstanding 442,175,578 ordinary shares Maase Inc. outstanding ordinary shares (excluding treasury shares) as of August 5, 2026

Class A shares outstanding 435,508,910 Class A ordinary shares Class A ordinary shares of Maase Inc. outstanding (excluding treasury shares) as of August 5, 2026

Class B shares outstanding 6,666,668 Class B ordinary shares Class B ordinary shares of Maase Inc. outstanding as of August 5, 2026

Key Terms

beneficially owned, sole dispositive power, privately negotiated transaction, voting power, +1 more

5 terms

beneficially owned financial

"The aggregate number of ordinary shares beneficially owned by the Reporting Persons is 64,439,951"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole dispositive power financial

"Number of Shares Beneficially Owned... Sole Dispositive Power 64,439,951.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

privately negotiated transaction financial

"disposed of 18,609,988 Class A Ordinary Shares... in a privately negotiated transaction"

A privately negotiated transaction is a deal whose terms are worked out directly between a buyer and a seller rather than through a public market or open auction. Think of it like selling a car to a neighbor instead of putting it on eBay: the price, timing and conditions are agreed one-on-one, so investors may see less public information, different pricing compared with market trades, and potential impacts on liquidity and valuation.

voting power financial

"The Reporting Persons' aggregate percentage of beneficial ownership is 14.57% and it represents 5.85% of the voting power"

Voting power is the ability shareholders have to influence a company's major decisions—like electing the board, approving mergers, or changing corporate rules—based on the voting rights attached to the shares they hold. For investors it matters because greater voting power is like holding more keys to a building: it gives you a stronger say over management choices and the company’s strategy, which can affect future value and risk.

Class B Ordinary Share financial

"Each Class A Ordinary Share is entitled to one (1) vote while each Class B Ordinary Share is entitled to one hundred (100) votes"

A Class B ordinary share is a type of common stock that carries a specific set of rights—often different voting power or dividend priority—distinct from other share classes of the same company. Think of it like owning a different model of the same car: it gets you the ride (ownership and profit share) but may limit your say in steering (voting) or how quickly you receive payouts; investors care because these differences affect control, influence over management decisions, and potential return or liquidity.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What change in ownership did MAAS report in this Schedule 13D/A?

The filing reports that WJ Management Company Limited disposed of 18,609,988 Class A Ordinary Shares of Maase Inc. on August 5, 2026. After this sale, it beneficially owns 64,439,951 Class A Ordinary Shares, reflecting an updated ownership position.

How large is WJ Management Company Limited’s current stake in Maase Inc. (MAAS)?

WJ Management Company Limited beneficially owns 64,439,951 Class A Ordinary Shares of Maase Inc. This represents 14.57% of the company’s 442,175,578 outstanding ordinary shares (excluding treasury shares) and 5.85% of the total voting power.

What was the value of the MAAS shares sold by WJ Management Company Limited?

On August 5, 2026, WJ Management Company Limited sold 18,609,988 Class A Ordinary Shares of Maase Inc. for total consideration of US$111,659,928. The transaction was executed as a privately negotiated transaction with certain investor.

How is voting power structured between Class A and Class B shares at Maase Inc. (MAAS)?

Each Class A Ordinary Share of Maase Inc. carries one (1) vote, while each Class B Ordinary Share carries one hundred (100) votes. Based on this structure, the reporting persons’ holdings represent 5.85% of the company’s total voting power.

Who ultimately controls the MAAS shares held by WJ Management Company Limited?

The 64,439,951 Class A Ordinary Shares are directly held by WJ Management Company Limited, which is 100% owned by Dejun Yu. Under Section 13(d) rules, Dejun Yu is deemed to beneficially own these shares and their associated voting and dispositive power.

What share count did MAAS use to calculate ownership percentages in this filing?

Ownership percentages are based on 442,175,578 ordinary shares of Maase Inc. outstanding as of August 5, 2026, comprising 435,508,910 Class A and 6,666,668 Class B ordinary shares, all figures given excluding treasury shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 05:31 PM Accepted by SEC EDGAR 08/14/2026 - 05:30 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Maase Inc.

(Name of Issuer)

Class A Ordinary Share, par value $0.09 per share

(Title of Class of Securities)

G4453R115

(CUSIP Number)

WJ Management Company Limited
c/o Dejun Yu ROOM 1202, Tower A, New, Mandarin Plaza, 14 Science Museum Road
Tsimshatsui East, Kowloon, K3, 999077
852- 6194 4231

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/05/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): G4453R115

1

Name of reporting person

WJ Management Company Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 64,439,951.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 64,439,951.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

64,439,951.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.57 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note to Row 7, 9, 11: Includes 64,439,951 Class A ordinary shares, par value $0.09 per share, of Maase Inc. (the "Issuer") held by WJ Management Company Limited. Note to Row 13: The percentage calculation is based on 442,175,578 ordinary shares (excluding treasury shares), comprising of 435,508,910 Class A ordinary shares (excluding treasury shares) and 6,666,668 Class B ordinary shares, of the Issuer outstanding as of August 5, 2026 according to records of the Issuer.

SCHEDULE 13D

CUSIP Number(s): G4453R115

1

Name of reporting person

YU DEJUN

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

SINGAPORE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 64,439,951.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 64,439,951.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

64,439,951.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.57 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note to Row 7, 9, 11: Includes 64,439,951 Class A ordinary shares, par value $0.09 per share, of the Issuer held by WJ Management Company Limited. WJ Management Company Limited is wholly owned by Dejun Yu. Note to Row 13: The percentage calculation is based on 442,175,578 ordinary shares (excluding treasury shares), comprising of 435,508,910 Class A ordinary shares (excluding treasury shares) and 6,666,668 Class B ordinary shares, of the Issuer outstanding as of August 5, 2026 according to records of the Issuer.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Ordinary Share, par value $0.09 per share
(b)	Name of Issuer: Maase Inc.
(c)	Address of Issuer's Principal Executive Offices: Building 48, Zhixin Manufacturing Valley, No. 52 Yangzhou Rd, Economic Dev., Zone, Laixi, Qingdao, Shandong, CHINA , 266000.
Item 1 Comment: This Amendment No. 4 to Schedule 13D (this "Amendment No. 4") amends and supplements the prior statement on Schedule 13D as filed on September 16, 2025 (the "Original 13D"), Amendment No. 1 to Schedule 13D as filed on October 30, 2025, Amendment No. 2 to Schedule 13D as filed on December 30, 2025, and Amendment No. 3 to Schedule 13D as filed on January 16, 2026 (the Original 13D as amended and supplemented, this "Schedule 13D"), and relates to the beneficial ownership of Class A ordinary shares, par value $0.09 per share (the "Class A Ordinary Shares") of Maase Inc., a Cayman Islands exempted company (the "Issuer") whose principal executive office is located at Building 48, Zhixin Manufacturing Valley Industrial Park, No. 52 Yangzhou Road, Economic Development Zone, Laixi, Qingdao, Shandong, F4, 266000.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of this Schedule 13D is hereby amended and supplemented to add the following: The aggregate number of ordinary shares beneficially owned by the Reporting Persons is 64,439,951 Class A Ordinary Shares directly held by WJ Management Company Limited which is 100% owned by Dejun Yu. Pursuant to Section 13(d) of the Exchange Act and the rules promulgated thereunder, Mr. Yu will be deemed to beneficially own all of the Ordinary Shares of the Issuer held by WJ Management Company Limited. The Reporting Persons' aggregate percentage of beneficial ownership is 14.57% and it represents 5.85% of the voting power of the Issuer. Percentage of beneficial ownership of Reporting Persons is based on 442,175,578 ordinary shares (excluding treasury shares), comprising of 435,508,910 Class A ordinary shares (excluding treasury shares) and 6,666,668 Class B ordinary shares, of the Issuer outstanding as of August 5, 2026, according to records of the Issuer. Each Class A Ordinary Share is entitled to one (1) vote while each Class B Ordinary Share is entitled to one hundred (100) votes on any and all matters submitted for a vote. The change in the Reporting Persons' beneficial ownership reflects the disposal by WJ Management Company Limited of 18,609,988 Class A Ordinary Shares on August 5, 2026 in a privately negotiated transaction.
(b)	Each of the Reporting Persons has sole voting and dispositive power over the ordinary shares of reported in this Schedule 13D.
(c)	Item 5(c) of this Schedule 13D is hereby amended and supplemented to add the following: On August 5, 2026, WJ Management Company Limited disposed of 18,609,988 Class A Ordinary Shares of the Issuer to certain investor in a privately negotiated transaction for a total consideration of US$111,659,928.
(d)	To the best knowledge of the Reporting Persons, except for the agreement described in this Schedule 13D, no one other than the Reporting Persons, or the holders of interests in the Reporting Persons, has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the ordinary shares of the Issuer that they beneficially own.
(e)	Not applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

WJ Management Company Limited

Signature:	/s/ Dejun Yu
Name/Title:	Dejun Yu/Director
Date:	08/14/2026

YU DEJUN

Signature:	/s/ Dejun Yu
Name/Title:	Dejun Yu
Date:	08/14/2026